Hardwood flooring giant LL Flooring Holdings, Inc., formerly Lumber Liquidators, has filed for Chapter 11 Bankruptcy as it closes dozens of stores and attempts to sell its remaining locations.
The home renovation retailer, which peaked at more than 420 locations in the U.S. and Canada, filed for Chapter 11 protection in Delaware on Sunday with nearly $110 million in “long-term debt,” Bloomberg reported.
LL Flooring is set to close 94 stores at the beginning of the bankruptcy process, while the other 300 locations will continue to operate normally for the time being.
The company, founded in 1994 by building contractor Tom Sullivan, faced several post-pandemic challenges, such as low home sales and increased interest rates.
The business also said that it has been marketing itself to potential buyers for more than a year, with Bloomberg reporting that it will “seek bids to sell the business and keep its stores operating but will also solicit offers to close its locations if the company isn’t able to find a ‘viable buyer.'”
Stock prices peaked at nearly $120 per share in November 2013 but have dropped to just 84 cents as of Friday.
